Braemar - Robust trading, but UK budget adds to costs
Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations continue to expand and diversify, and Braemar remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our revenue estimates but trimmed our operating profit forecasts to reflect the additional NI charges. However, we maintain our dividend discount model-based valuation of 535p.Braemar is an international provider of knowledge and skills-based services to the shipping, marine, energy, offshore and insurance industries. Co. provides a combination of skills and advice through its three operating divisions: Shipbroking, which provides shipbroking services as agent to the owners and charterers of vessels; Technical, which provides a range of shipping, marine, energy, offshore and insurance market related services; and Logistics, which operates under the name Cory Brothers and provides ship agency, freight forwarding and logistics services.
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